Biogen secured exclusive Greater China rights to felzartamab through an $850 million agreement with TJ Biopharma, adding a $100 million upfront payment plus milestone-based consideration and royalties. The deal closes a multi-year regional licensing structure and consolidates global ownership of the CD38-directed antibody. Felzartamab is being developed as a potential “pipeline-in-a-product” across immune-mediated conditions. Biogen and TJ Biopharma also have an ongoing collaboration that began in April 2025 with TJ Biopharma’s participation in Biogen-led Phase III trials in IgA nephropathy and primary membranous nephropathy. From a strategy standpoint, the transaction strengthens Biogen’s ability to run unified development and commercialization plans in one of the largest antibody markets, where localized evidence generation and market execution can materially affect uptake.